India eyes to boost foreign investment

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NEW DELHI, Mar 4 (AFP): India said Friday is it seeking ways to boost foreign investment needed to fund a $1 trillion plan to overhaul its dilapidated infrastructure -- seen as vital to boosting economic growth. "Discussions are under way to liberalise foreign direct investment policy," Pranab Mukherjee told an international financial conference, without elaborating. Foreign direct investment in India has dropped sharply recently amid concerns over corruption, bureaucracy, rising inflation and perceived government resistance to opening up the economy. In 2010, foreign direct investment (FDI) slid 32 per cent from a year earlier to $24 billion, according to UN figures, even as New Delhi encouraged foreigners to put money into domestic projects, particularly road building.